DAX Tumbles As Consumer Confidence Slumps
(RTTNews) - German stocks tumbled on Wednesday, with renewed energy concerns and weak consumer confidence data weighing on sentiment.
Germany's consumer sentiment is set to fall again to a fresh record low in October as high inflation amid rising energy prices hit income expectations, and in turn, consumer spending, survey results from the market research group GfK showed.
The consumer confidence index plunged to -42.5 in October from revised -36.8 in the previous month. The score was also weaker than the economists' forecast of -39.0.
The benchmark DAX fell 193 points, or 1.6 percent, to 11,946 after declining 0.7 percent in the previous session.
Lender Commerzbank AG slumped 5 percent after a warning that its third-quarter operating result would be impacted because of additional provisions at Polish subsidiary mBank.
Conglomerate Thyssenkrupp plunged 12 percent after JPMorgan reinstated its coverage of the stock with an "underweight" rating.
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